PBS ran it again in late October--just in time for Halloween. It revealed a scary picture on the state of retirement and all its shortfalls including the big costs that come with a 401(k).

It's hard to watch this program without a sense of horror at the way our retirement plan system is rigged to rip off Americans struggling to save for retirement.

Here are the key points in “The Retirement Gamble.” I've added some tips on ways you can shore up your own retirement plan:

1. The majority of Americans close to or in retirement don’t have enough saved to cover a lengthy life as a retiree. And they don't have any ideas about improving their situation - which is truly frightening. An economist on the documentary facetiously said his retirement plan includes "winning the lottery."

2. The retirement systems – chiefly, 401(k) and 403(b) plans – bilk billions of dollars from Americans in the form of fees. Plan documents deliberately hide some of these fees in fine print.

3. U.S. government attempts to clamp down on runaway retirement plan fees have met with mixed reaction in Congress, thanks to successful lobbying efforts by the financial services industry, such as JP Morgan
Chase and
Prudential Financial.

4. Americans are confused about the critical difference between a fiduciary and a non-fiduciary retirement advisor. The former, such as a fee-only Registered Investment Advisor, must put clients’ interests before his/her own. Brokers, however, adhere to a lower suitability standard – as long as a product seems “suitable,” the broker has done his or her work. (note: my firm is a Registered Investment Advisor).

5. Periodic market swoons and fees can hammer plan participants who often are unaware of what they are invested in. One interview on the program featured a retired couple, both teachers, who had an excessive concentration of their retirement money in dot.com stocks in 2000. Their account plunged more than 2/3 that year. The program touched on the issue of agents who visit teachers' lounges to sell educators “tax-sheltered annuities,” neglecting to tell them they are handcuffed to punitive redemption penalties, misleading return projections and high fees. (I also object to the term "tax sheltered" because it implies taxes never are paid, whereas they merely are postponed until funds are withdrawn).

6.John Bogle, the Vanguard Investments founder, pointed out that a “little” 2% annual fee will erode a whopping 63% of what clients could earnin their retirement accounts that booked a 7% annual average return (pre-fees). In other words, what he called “the tyranny of compounding costs” whittled the $100,000 you should have down to a measly $37,000 over 50 years of investing. JP Morgan Chase and other brokers who run expensive retirement plans come across poorly when they responded to this by saying they weren’t familiar with these numbers, each retirement client has different needs, etc.

7. Sadly, there don’t seem to be enough improvements to retirement plans to avoid having Americans work well into their 70s (if they can) or to run out of money in retirement.

So what can you do? Here are some strategies:

Utilize tools such as www.brightscope.com to verify the quality, including cost, of your plan. If your plan is rated poorly, consider only saving up to the amount of your 401(k) contribution that your company matches.(note: not allretirement plans are listed).

If you qualify -- based upon your adjusted gross income -- save additionally in an individual retirement account. If your income is low enough, you can invest in a Roth IRA.

Look for low-cost mutual funds (e.g., Vanguard) so you can save 1% to 2% per year in fees.

Consider opting out of your plan if you have no match. You lose the up-front tax-deduction, but you may end up with more in hand by investing in low-cost mutual funds with after-tax money. Run these numbers with a professional since your retirement horizon and tax bracket can affect outcomes.

Rollover old 401(k) or 403(b) plans from previous jobs to eliminate ongoing plan fees. Only consider retaining old plans if you have an exceptional deal, like 3% or higher guaranteed interest in the current low interest-rate world.

Postpone taking Social Security benefits as long as possible. Seek professional help before making Social Security decisions.

Consider downsizing by moving to a less expensive part of the country if you are at risk of outliving your assets. Sadly, some places – such as New Jersey (where I live) -- are relatively unattractive for retirees due to high taxes (including state estate tax) and high living expenses.

Save, save and save some more. Employer retirement plans typically do not provide enough to cover your entire retirement (even if you include Social Security).

Get professional advice about your retirement strategy from a qualified fee-only advisor who does not have any commission "skin in the game."